Robert Lloyd - a Sir Gar Blog . . . and some Clecs!: Debt help for the Amman Valley

Robert Lloyd - a Sir Gar Blog . . . and some Clecs!: Debt help for the Amman Valley
Debt help

Protected Trust Deeds (PTDs) Frequently Asked Questions

How long does it take to set-up a Protected Trust Deed (PTD)?

A Protected Trust Deed (PTD) normally takes between 6/8 weeks to set up. If you would like to speak to one of our experienced debt advisors about a Protected Trust Deed (PTD) call our free phone debt helpline on 0161 713 1883.

Will I lose my house if I enter into a Protected Trust Deed (PTD)?

No, you will not loose your house in a Protected Trust Deed (PTD), but if you have equity in your property, then this will be taken into account and you may need to release this equity to help pay your creditors. If the property is joint-owned, then an appropriate amount of the equity will be taken into consideration, not the whole amount.

What if my financial situation changes whilst in a Protected Trust Deed (PTD)?

How much can you afford ?

Under a Protected Trust Deed (PTD), you have to inform your Trustee of any changes in your financial circumstances, either good or bad. If your income is reduced, the Trustee will propose a variation on the terms of the Trust Deed to reflect your new circumstances. If your income is increased, then the Trustee may propose other variations. Our professional debt advisors are happy to give and debt advice or help surrounding a Protected Trust Deed (PTD).

Can a Protected Trust Deed (PTD) be cancelled?

No, a Protected Trust Deed (PTD) cannot be cancelled

Is anybody able to find out that I am in a Protected Trust Deed (PTD)?

No, a Protected Trust Deed (PTD) is completely confidential. No details are published, unlike bankruptcy, so no-one will know unless you decide to tell them.

Do I have to notify my partner, family or my employer about my Protected Trust Deed (PTD)?

You may have to inform your Family or Employer, if the Protected Trust Deed (PTD) effects them or your employment.

I own a business, will a Protected Trust Deed (PTD) mean I have to close it?

No, unlike bankruptcy you will not have to give up your business or directorship in a Protected Trust Deed (PTD).

How long does a Protected Trust Deed (PTD) last?

A Protected Trust Deed (PTD) has a set time scale, normally 36 months, your insolvency practitioner will cover this with you

Is a Protected Trust Deed (PTD) the right solution to solve my debt problems?

A Protected Trust Deed (PTD) is not the best solution for everyone and strict criteria must be adhered to when applying for a trust deed. Our experienced debt advisors with give you all the information you require on Protected Trust Deeds (PTDs). Call our free phone debt helpline on 0161 713 1883.

Why have I heard lots of things about IVAs (Individual Voluntary Arrangements)?

A Protected Trust Deed (PTD) is simply the Scottish version of an Individual Voluntary Arrangement (IVA), but there are a few differences. Our experienced debt advisors will discuss this with you

Is a Protected Trust Deed (PTD) another name for bankruptcy/sequestration?

No, a Protected Trust Deed (PTD) is a less formal process than sequestration (bankruptcy)..

What happens if I can't keep up payments on my Protected Trust Deed (PTD)?

It is very important that you keep up to date with your Protected Trust Deed (PTD) payments, if you fall into arrears you may be made bankrupt. If you are struggling with you payments then inform you insolvency practitioner (IP)straight away

What happens at the end of the Protected Trust Deed (PTD)?

Any remaining debt will be written off and you will be free from debt.